Alaska Governor Sean Parnell recently signed legislation to create a new fund within the Alaska Industrial Development and Export Authority (AIDEA) that will provide loans, both directly and through banks and credit unions, to finance small to medium-sizedenergy projects in the State and promote economic development in economically depressed areas.

The authority will also be able to offer loan or bond guarantees. The new energy fund will help finance small to medium-sized energy projects, such as improving energy efficiency in commercial buildings or developing new renewable energy, and will begin operations this year with $125 million. Governor Parnell said the new law “will bring the state closer to achieving its goal of 50 percent electricity generated by renewable energy by 2025.”

Another bill, Senate Bill 66, introduced by the governor, creates a new markets tax credit assistance guarantee and loan program with AIDEA. Working under a federal tax credit program, SB 66 allows the state authority to issue guarantees and finance projects in low-income areas or otherwise serving low-income populations.

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